Your Search for a House isn’t Always Over When You Find a Buyer!
Finally finding the right buyer for your home is an exciting moment! Let yourself celebrate it. Getting your house ready to sell is not a walk in the park. Selling your home is an emotional time, but what happens when you've sold your home and don't have a new one to move into yet? In today's real estate market this situation is becoming increasingly common for sellers, where low inventory and high demand lead to bidding wars and fast sales. If you find yourself in this position, don't worry – there are several good options for places to stay while you search for your next home.
Explore short-term rentals
One option is searching for short term rentals. They provide a comfortable and flexible living arrangement while you navigate the housing market to find something permanent. Short-term rentals come in many forms, including apartments, condos, or even complete homes that are available for rent on a month-to-month basis. You’re likely already familiar with short term rental sites, like Airbnb and VRBO offer a wide variety of short-term rental options to choose from, with a variety of price points.
If you prefer a more traditional living situation, there are other options available for short term apartment rentals as well. Many apartment complexes offer flexible lease terms, allowing you to rent for a few months at a time rather than committing to a full year or more. Additionally, there are a growing number of apartment buildings that specialize in short-term rentals, providing fully furnished units with all the amenities you need for a comfortable stay.
Negotiate with the buyer
Another option is a post closing occupancy agreement, also known as a post occupancy agreement. This agreement is made between the buyer and seller and allows the seller to remain in the home for a specified period of time after closing. This gives the seller additional time to search for their next home without having to move twice, once to a short-term living situation and again to their permanent home. However, it’s important to note that this option may not be available in all sales and is often subject to negotiation and compromise with the buyer. Normally, post occupancy agreements last four, six, or even eight weeks. This is when it comes in handy to have a real estate agent in your corner; their experience aids in the negotiation process and you’re more likely to be able to stay longer with their help.
Consider it as an opportunity to invest
Finally, if you have the financial means and are looking to build long term wealth, you may want to consider short term rental properties as an investment opportunity. With the popularity of short-term rentals and websites like Airbnb, there is a growing demand for short-term rentals across the country. Purchasing a property specifically for short-term rentals can provide you with a steady stream of rental income and potentially appreciate in value over time. Plus, it gives you a space to relax in while you search for your permanent residence.
So, if you've sold your home but don't have a new one to move into yet, don’t worry. There are a handful of options for you to explore while you search for a more permanent home. Remember to consider all of your options within your budget first and then choose the one that best fits your needs and goals. You may be surprised by what you can afford!